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Apr 3, 2024 · Sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA offer various benefits to individuals and entities. This article delves into the specifics of each section, including eligible assets, time limits for acquisition, exemption amounts, lock-in periods, and applicable deposit schemes.
Jul 4, 2024 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property.
Aug 7, 2018 · 1.) For Claiming Exemption, Assessee Should make Investment before Due Date of Filing of Return of Income. 2.) If the Assessee Fails to do so, Amount should be deposited in Capital gain Accounts Scheme before due date of return of Income to Claim the Exemption. 3.)
Jun 28, 2024 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds in the acquisition, i.e., purchase or construction, of another residential property.
Feb 18, 2022 · Taxation on Capital Gains in India (Fy 31.03.2022/Ay 2022-23) S. N. Under the head Section 54 Section 54B Section 54D Section 54EC Section 54F Section 54G Secti
Jun 26, 2024 · You can plan your capital gain tax by claiming exemption as explained above under section 54 , 54EC , 54F etc. Using these section you will be able to claim exemption from capital gain tax. Quick Summary
Capital Gains Exemption can be claimed under the Income Tax Act by reinvesting the amount in either purchasing/ constructing a Residential House and thereby claiming exemption under Section 54 or by reinvesting the amount in Capital Gain Bonds and claiming Exemption under Section 54F.
1. If the amount of capital gain is equal to or less than the cost of the new agricultural land, the entire capital gain shall be exempt. 2. If the amount of capital gain is greater than the cost of the new agricultural land, the cost of the new agricultural land shall be allowed as an exemption.
May 1, 2023 · Exemptions with a Focus on Section 54 Series: A Full Guide to Capital Gains.
1. Section 54GB: In order to qualify as an “eligible company” u/s 54GB the company should be: Incorporated in the F.Y. in which the capital gain arises or in the following year on or before the due date of filing return of income by the individual or HUF. Engaged in the business of manufacture of article or a thing.
